Auctions: Noble sheet metal brings millions
VALUE INVESTMENT 2018 did not quite go according to the wishes of classic car fans. Older sheet metal in the mid-price range in particular was left standing at many an auction. Not so at Sotheby's, the world's largest auction house for collector cars. Its President, Kenneth Ahn, had every reason to celebrate at the end of the year: "We have maintained our market leadership in terms of total turnover and in the upper [...]
Not so at Sotheby's, the world's largest auction house for collector cars. Its President Kenneth Ahn had every reason to celebrate at the end of the year: "We have maintained our market leadership in terms of total turnover and experienced strong activity in the upper market segment."
Over 3300 cars under the hammer
Shortly before New Year's Eve, Sotheby's cash register showed almost half a billion dollars at 423 million for 2018. If the proceeds from private sales outside of the auctions are included, the figure was as high as 573 million dollars.
Of the more than 3,300 cars that went under the hammer at Sotheby's during 13 auctions in four countries, 68 realized more than one million dollars. Bidders from 59 countries took part in the auctions, a quarter of whom were new to the auction.
It is hardly surprising that several records were broken. Seven of the ten most valuable objects alone went under the hammer on the American Pacific coast during Monterey Car Week at the end of August. This is where bidders traditionally have particularly loose money in their pockets.
Top ten classic bestsellers 2018
The 2018 top ten at Sotheby's overall, including three German cars, was a 1962 Ferrari 250 GTO for 48.405 million dollars, which became the most valuable car ever sold at auction,
a 1956 Ferrari 290 MM for 22.005 million dollars, a 1963 Aston Martin DP 215 Grand Touring for 21.455 million dollars, a 1966 Ford GT40 Mk II for 9.795 million dollars, a 1985 Porsche 959 Paris-Dakar for 5.945 million dollars, a 1957 Porsche 550 A Spyder for 4,9 million dollars, a 1956 Maserati A6 G 2000 Berlinetta for 4.515 million dollars, a 1998 Mercedes-Benz AMG CLK GTR for 4.515 million dollars, a 2017 Bugatti Chiron for 4.138 million dollars and a 1934 Pakard Twelve Custom Cabrio Victory for 3.745 million dollars.
Auction at the Techno Classica Essen
Looking ahead to 2019 and the global development of the collector car market, Sotheby's boss Ahn remains optimistic. "Prices have stabilized.". For example, the auction house plans to come to Techno Classica in Essen in 2019, where a two-day auction will take place from April 11 to 12.
